Steps to consider to start and grow a company. Basics are provided to help entrepreneurs. Examples may relate to Biotech, Pharma and Medical Device businesses, but the ideas apply to most technology fields.

Wednesday, August 10, 2016

Most entrepreneurs’ recognize their companies may not
succeed and they might even fail.Often,
there is no preparation for possible failure or the horrible feelings afterward
that follow.Entrepreneurs are highly
motivated and driven to do something unique and independent.They desire to build a business and be
successful rather than spend their time working for other companies.They often have visions of wild success and
believe strongly in the technology and its superiority over the technologies of
all other competing companies.It is
this strong desire to succeed that leads them to drive onward when things are
in a downturn in the business.

Nothing compares to the feelings of a wildly successful
venture.The feeling of having done
something others could not have done.Entrepreneurs are always striving to take the leap and build business
enterprises.These small and larger
businesses contribute to at least 25-40% of the jobs in the USA today.Entrepreneurs need all the encouragement they
can get because they are essential and contribute great things for the
economy.With all the awareness of the
potential for success or failure, they are never prepared for the failure or
the feelings that come with the lost business.

Failure is part of a business cycle for many companies and
it can happen for many reasons.Approaching the end of the life of a company initially enhances all fears
associated with failing.No one wants to
fail especially an entrepreneur.Many
have invested huge portions of their capital and time in building the
business.They began to wonder what
would happen to them, their family, and the employees.The concerns then branch to whether they
would find employment after the failure.Depending on the amount of money they invested in the company, they may
need a salary to survive.These concerns
and fears are natural and start to overwhelm the entrepreneur.They never think of that famous song from the
play “Annie” and those famous words, “The sun will come out tomorrow!”

Predicting catastrophic loss like what occurred because of
the storms called Katrina or Sandy was not possible for either Louisiana or New
York.It is hard to imagine the
severity of such storms and therefore not easy to plan for such events.Certainly, many of the residence never
believed they would be wiped-out by the storms.Businesses, jobs, homes, and people were lost.The aftermaths were far worse than anyone
could have imagined.Yet, there are so many stories of an entrepreneurial
spirit, kindness, and giving by others.The devastation did not destroy the spirit of many of the
communities.They rebuilt and continue
to develop as stronger communities with greater protections than were there
previously.

Entrepreneurs in that downturn of their business may benefit
by the thought that they too can rise above the losses.They can recover personally and may even
desire to build a new business.The
lessons learned help to create businesses much better and stronger.Many famous entrepreneurs (some are now billionaires)
have succeeded and built strong empires.It is possible as long as the losses do not destroy your spirit or your
life.The song by Annie is an uplifting
song.It says that there will be a
tomorrow and that as time passes everything can improve.So, when faced with those fears of failure or
possible loss of business, try to remember, “The sun will come out tomorrow.”Dig deep for strength and use your ingenuity,
creativity and skill.If you want, it is
possible to rebuild and be successful with the next venture.